John Hancock Tax-Advantaged Global Shareholder Yield Fund

Prospectus Supplement

John Hancock Tax-Advantaged Global Shareholder Yield Fund (the fund)

Supplement dated December 27, 2023 to the current Prospectus, as may be supplemented (the Prospectus)

The following replaces any references, contained either in the Prospectus or the Prospectus Supplement, with respect to the fund’s: (i) last reported sale

price; (ii) net asset value (“NAV”) per Common Share; and (iii) percentage premium to NAV per Common Share.

The last reported sale price, NAV per share and percentage premium to NAV per share of the Common Shares as of December 22, 2023, were $4.95,

$5.22, and -5.17%, respectively.

You should read this supplement in conjunction with the Prospectus and retain it for your future reference.

Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of

The Manufacturers Life Insurance Company and are used by its affiliates under license.

SEC Form 424B3 filed by John Hancock Tax-Advantaged Global Shareholder Yield Fund